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Rentech Reports Results For Third Quarter 2012

In its press release dated November 8, 2012, Rentech Nitrogen reiterated its guidance for the twelve months ending December 31, 2012. The partnership also provided an updated outlook for 2013.

Cash Distributions from Rentech Nitrogen

Rentech Nitrogen declared its third quarter cash distribution of $0.85 per unit, payable on November 14, 2012 to unit holders of record as of November 7. Rentech will receive approximately $19.8 million in third quarter cash distributions from Rentech Nitrogen, based on its ownership of 23.25 million units of the partnership as of the record date.

Conference Call with Management

The Company will hold a conference call today, November 8, 2012, at 11:00 a.m. PST, during which time Rentech's senior management will review the Company's financial results for this period and provide an update on corporate developments. Callers may listen to the live presentation, which will be followed by a question and answer segment, by dialing 800-272-0419 or 303-223-4370. An audio webcast of the call will be available at
www.rentechinc.com within the Investor Relations portion of the site under the Presentations section. A replay will be available by audio webcast and teleconference from 1:00 p.m. PST on November 8 through 1:00 p.m. PST on November 15. The replay teleconference will be available by dialing 800-633-8284 or 402-977-9140 and the reservation number 21607164.

Rentech, Inc. and Subsidiaries

Consolidated Statements of Operations

(Stated in Thousands, Except per Share Data)

For the Three Months

For the Nine Months

Ended September 30,

Ended September 30,

2012

2011

2012

2011

(unaudited)

(unaudited)

Total Revenues

$

60,170

$

38,619

$

169,465

$

137,049

Cost of Sales

25,130

25,800

66,134

76,600

Gross Profit

35,040

12,819

103,331

60,449

Selling, general and administrative expense

12,058

4,409

33,832

20,318

Research and development

5,563

10,223

14,675

24,582

Depreciation and amortization

670

546

2,486

1,652

Loss on impairments

-

58,689

-

58,689

Advance for equity investment

-

(7,892

)

-

(7,892

)

Other

145

593

(292

)

523

Operating Expenses

18,436

66,568

50,701

97,872

Operating Income (Loss)

16,604

(53,749

)

52,630

(37,423

)

Other Income (Expense), Net

Interest and dividend income

70

31

196

89

Interest expense

(828

)

(5,380

)

(5,288

)

(12,936

)

Loss on debt extinguishment

-

-

-

(9,223

)

Loss on interest rate swaps

(327

)

-

(907

)

-

Other income (expense), net

(8

)

(5

)

59

(1

)

Total Other Expenses, Net

(1,093

)

(5,354

)

(5,940

)

(22,071

)

Income (loss) before income taxes

15,511

(59,103

)

46,690

(59,494

)

Income tax expense

68

4

1,243

4

Income (loss) from continuing operations

15,443

(59,107

)

45,447

(59,498

)

Income from discontinued operations, net of tax

134

-

134

-

Net Income (Loss)

15,577

(59,107

)

45,581

(59,498

)

Net (income) loss attributable to noncontrolling interests

(11,307

)

19

(35,056

)

733

Net Income (Loss) Attributable to Rentech

$

4,270

$

(59,088

)

$

10,525

$

(58,765

)

Net Income (Loss) per Common Share Attributed to Rentech:

Basic

$

0.02

$

(0.26

)

$

0.05

$

(0.26

)

Diluted

$

0.02

$

(0.26

)

$

0.04

$

(0.26

)

Weighted-Average Shares:

Basic

220,063

223,356

223,572

222,899

Diluted

229,815

223,356

232,773

222,899

Rentech, Inc. and Subsidiaries

Balance Sheet Data

(Stated in Thousands)

As of

September 30, 2012

As of

December 31, 2011

Cash and Cash Equivalents

$

238,506

$

237,478

Working Capital

154,378

206,434

Construction in Progress

45,734

9,809

Total Assets

395,289

360,528

Total Long-Term Liabilities

32,375

53,475

Total Rentech Stockholders' Equity

211,427

208,848

Disclosure Regarding Non-GAAP Financial Measures

EBITDA is defined as net income plus interest expense and other financing costs, loss on debt extinguishment, loss on interest rate swaps, income tax expense and depreciation and amortization, net of interest income. EBITDA is used as a supplemental financial measure by management and by external users of the Company's financial statements, such as investors and commercial banks, to assess:

the financial performance of the Company's assets without regard to financing methods, capital structure or historical cost basis; and

the Company's operating performance and return on invested capital compared to those of other public companies, without regard to financing methods and capital structure.

EBITDA should not be considered an alternative to net income, operating income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA may have material limitations as a performance measure because it excludes items that are necessary elements of Rentech's costs and operations. In addition, EBITDA presented by other companies may not be comparable to Rentech's presentation, since each company may define these terms differently.